Lombard, founded in April 2024, aims to enhance Bitcoin's utility by transforming it from a store of value into a productive financial tool. This is achieved through LBTC, a secure, liquid, and yield-bearing Bitcoin representation that moves easily across blockchains and DeFi.

Lombard’s founding team is composed of DeFi experts from Polychain, Babylon, Argent, Coinbase, and Maple. All of whom bring extensive experience in starting, scaling, and operating companies in the DeFi space. 

Lombard is incubated by Polychain Capital. Polychain Capital’s incubation of Lombard provides financial backing and access to its expert teams and resources. 

Lombard ensures that LBTC is protected through a multi-layered security approach. Built with security by design and hardened through rigorous code audits, proactive bug bounty programs, sanctions screening, and proactive, real-time, 24/7 security monitoring, contributing to the robust security framework essential for LBTC’s success.

Audits & Bug Bounties:

• Together with leading auditors we have implemented a long-term auditing program to cover all current and future code releases. Once the reports are in, they will be shared in full on our Gitbook.
• Together with Immunefi, we will launch a bug bounty program as an additional security layer on top of security by design and audits. The program offers rewards to white hats for finding and reporting any vulnerabilities in the codebase, which Lombard can then securely fix. Immunefi is the leading bug bounty and security services platform for Web3 and brings projects and hackers together to make Web3 more secure.

Lombard prioritizes security through several layers of protection:

• Cubist Hardware-backed MPA Wallets: Our wallets never leave secure hardware (even during signing) and are governed by multiple security policies, including timelocks and multi-party approvals (MPA) which requires multiple parties to sign-off on every transaction, preventing unauthorized and unilateral access.
• Decentralized Validation: The Security Consortium used by Lombard—comprised of industry leaders—validates and notarizes all transactions, ensuring decentralized security.
• Secure Key Management: Keys are managed and stored—even during signing—by CubeSigner, a hardware-backed key management system designed and built by the Cubist team.

• Slashing Risk: There is a risk of slashing if the validators misbehave or fail to perform their duties, which can lead to a loss of staked assets (not yet live on Babylon).
• Depeg Risk: The exchange rate between LBTC and correlated BTC assets (i.e. WBTC) is set by the open market. Due to the 7 day unstaking period on Babylon and Lombard, in times of extreme market volatility, LBTC may trade at a premium or discount. However, users can always unstake via the Lombard WebApp at the full redemption rate.
• Technical Risk: As with any blockchain protocol, there are inherent technical risks, including potential smart contract vulnerabilities, network attacks, and unforeseen bugs. We continuously audit our smart contracts and infrastructure, and have real-time threat monitoring and mitigation in place to mitigate these risks and take action before a threat materializes